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Section 10. 04 Power of Regulation Reserved. Subject to <br /> any applicable state law, the Council may by ordinance reasonably <br /> regulate and control the exercise of any franchise, including the <br /> maximum rates, fares, or prices to be charged by the grantee. No <br /> franchise value shall be included in the valuation of the <br /> grantee ' s property in regulating utility rates, fares, or prices <br /> under any applicable state or municipal law, or regulation, or in <br /> proceedings for municipal acquisition of the grantee' s property <br /> by purchase or eminent domain. <br /> Section 10. 05. Renewals or Extensions. Every extension, <br /> renewal , or modification of any existing franchise, or of any <br /> franchise granted thereafter, shall be subject to the same <br /> limitations and shall be granted in the same manner as a new <br /> franchise. <br /> • <br /> CHAPTER 11 <br /> PUBLIC OWNERSHIP AND OPERATION OF UTILITIES <br /> Section 11 .01 . Acquisition and Operation of Utilities. <br /> The City may own and operate any gas, water, heat, power, light, <br /> telephone or other public utility for supplying its own needs for <br /> utility service, or for supplying utility service to private <br /> consumers or both. It may construct all facilities reasonably <br /> needed for that purpose, and may acquire any existing utility <br /> properties so needed; but such action may only be taken by <br /> ordinance, which shall not be an emergency ordinance. The <br /> operation of all public utilities owned by the City shall be <br /> under the supervision of the City Council . <br /> Section 11 .02. Rates and Finances. The Council may by <br /> ordinance fix rates, fares and prices for municipal utilities, <br /> but such rates , fares and prices shall be just and reasonable. <br /> The Council shall endeavor to make each municipal utility <br /> financially self-sustaining. Before any rates, fares or prices <br /> for municipal utilities shall be fixed by the Council , the <br /> Council shall hold a public hearing on the matter in accordance <br /> with Section 11 . 06 of this chapter. The Council shall prescribe <br /> the time and the manner in which payments for all such utility <br /> services shall be made, and may make such other regulations as <br /> may be necessary, and prescribe penalties for violations of such <br /> regulations. <br /> Section 11 .03 Purchase in Bulk. The Council may in lieu <br /> of providing for the local production of gas, electric, water and <br /> other utilities, purchase the same in bulk and resell them to <br /> local consumers at such rates as it may fix. Before such rates <br /> are fixed by the Council , the Council shall hold a public hearing <br /> on the matter in •accordance with Section 11 . 06 of this chapter. <br /> Section 11 .04 Lease of Plant. The Council may, if the <br /> public interest will be served thereby, contract with any <br /> responsible person, co-partnership or corporation for the <br /> operation of any utility owned by the City upon such rentals and <br /> conditions as it may deem necessary; but such contract shall not <br /> be an emergency ordinance. In no case shall such contract before <br /> a longer term than ten years. <br /> -19- <br />